All Forum Posts by: Brian Gibbons

@Bill P.

You and I are made of the same cloth as far as prospecting with people we don't know

I learned how to strike up conversations with my insurance general manager at New York Life I was a young buck in my mid 20s

If you don't have the balls to talk to strangers and tell them what you do, you should get out of any people sales business that's highly competitive,whether it's real estate finance, real estate sales, financial planning, any people business

The other skill that's mandatory is getting referrals, 

actual names phone numbers and addresses of people that you your closed customers know well

I actually have them email the referral person to talk to me when I call

You are very welcome @Gary Sullivan!

You are a very bright individual.  You grasped many aspects of creative financing very quickly.

I look forward to assisting you in building a successful REI business in Palm Springs California.

@Account Closed

If you are refinancing you have NO influence over the bank appraisal.

If you are in California, I would get your sales license.

Here are references for you

https://www.dropbox.com/s/3ah03vck0yv0de6/I%20hope...

here are California appraisals education.

www.dre.ca.gov/files/pdf/refbook/ref15.pdf

This is an ACLU kind of outrage.

• Contact the NEWS STATION and go see the station manager.
• MAKE A BIG DEAL OF THIS!
• Go see the MAYOR
• Call you Congressman - woman
• Call your Senator

@Shawn Holsapple  Ur in Indy..

Can you help her?

@Account Closed

Every state is different regarding foreclosure laws and redemption laws and repossession laws

Seller financing whenyou're  financing somebody living in the property Dodd Frank lawis in play, and the CFPB enforces those laws

The best way to learn about it is to see an RMLO registered mortgage loan originator

They understand Dodd Frank, SAFE Act, RESPA, and TILA

Are you presuming regarding your second question that properties are always going to appreciate? 

If you want to buy on a lease option, you can get the option price based on a new appraisal today, and pray that you get appreciation

Are These questions are all subjective?

Are you trying to actually do something in the real world?

@Paul Doire

If you want to find Private Lenders

How to find private lenders
Where the best ways to find private lenders is that REIA meetings. You want to find people that are just "lookie loos"at the meetings; they're interested in learning about real estate but they are there in the research stage, not buying anything.

I would have a business card that basically says 

Another way to find private lenders is to develop an elevator speech.
In elevator speech is something you say in an elevator within 30 seconds of talking to somebody.

What's a good elevator speech  with the older person maybe in their 60s 70s?
First I would say 

"How are you today mamm"

And then they probably are nervous about looking at you
And I would just say with a big smile, 

"I have the best job in the world would you like to know why think it's the best job?"
They usually say yes to that

Then say, "I hope people get 6 to 10% of their money on their IRA, most people only get one or 2% at the bank"

"Would you like a free report on how to do that?"

Then I say, 

"would you mind very much just giving me your name and email?

And then I take out my phone, 

Open up the notepad so they can type text and I hand it to them,

Then I type in their name and email and I thank them

NEXT
I send out a teaser email on IRA and self-directed IRAs
Then I asked for a face-to-face appointment to show them how it works.

There are other ways: blog about SDIRAs, give speeches, see CPAs and Financial Planners.

Bottom line: Give your marketing time EQUAL to finding motivated sellers and getting CASH from Private Lenders and JV Partners.

@Paul Doire

Yes the banks want cash and they have regulations and and they will never ever except any kind of a term offer

Probate attorneys too

If you want to do the REI business, you need private lenders and joint venture partners then go scout the deals, and use their money to close

Half of my week is finding private lenders and joint venture partners

Without private lenders and joint venture partners you can't do certain things

You want to buy a house from a bank?

Cash only, no terms offers.

What is the comps?

What is the loan bal?

What is the amount to cure the note (back payments and fees)

What is the total PITI every month compared to Market Rent?

This is the form you need...

PROPERTY INFORMATION WORKSHEET

Address __________________________________________Date _________

Location / Cross Street _______________________________Map Pg# _____

Seller _______________________Ph# ____________Alt. Ph# ___________

Listing Agent _________________Ph# ____________Alt. Ph# ___________

CONDITION

__Occupied / __Vacant_____ Bed/_____ BathConstruction _____________

A/C ___________Elect. Amps ________Garage _____Year Built _______

Roof ____________________________________________________________

Exterior __________________________________________________________

Interior __________________________________________________________

Kitchen __________________________________________________________

Baths ___________________________________________________________

Plumbing ________________________________________________________

Appliances _______________________________________________________

Neighborhood ____________________________________________________

Other Work Needed ________________________________________________

________________________________________________________________

FINANCIALS

1st Lien Bal. $_________ 2nd lien Bal. $_________In Foreclosure: __Yes/__No

Asking Price $_________My Offer $_________Resell Approx. $__________

Terms: __ Subject To, __ Agr. For Deed, __ Seller Fin., __ Lease Option, __ All Cash

Additional Notes __________________________________________________

________________________________________________________________

________________________________________________________________

CONTACT RECORD

NameDateNote

__________________________________________________________

__________________________________________________________

__________________________________________________________

__________________________________________________________

__________________________________________________________

__________________________________________________________

The BIGGEST problem in Wholesaloing - retailing is you need 

• great ARV (After repaired value) and
• great rehab estimate numbers

Buy both of those books by J Scott and you will solve these 2 issues by following his excellent advice.

My vote for best Wholesaling Books on Amazon.com

And I have 30 years experience, my first wholesale flip was in 1985.